capital gain
This query is : Resolved
24 July 2008
can d.e.p.b licence be liable for capital gain?
24 July 2008
Mumbai Bench of Income Tax Appellate Tribunal (ITAT) has ruled that the value received on transfer of DEPB does not constitute profit and thus can not be taxed. The Tribunal held this in the three separate cases M/s Glenmark Laboratories Ltd. v Dy. Commissioner of Income Tax, Mumbai; M/s Shrijee India Export Pvt. Ltd v Dy. Commissioner of Income Tax, Mumbai and M/s. Vijay Silk House (Delhi) Ltd. v Dy. Commissioner of Income Tax, Mumbai.
In three separate judgments pronounced in the last week of January, the Tribunal has directed assessing officers of the appellants to consider only profit on transfer of DEPB for the purpose of deduction under Sec. 80 HHC of the Income Tax Act and not the entire receipt against transfer of such DEPB.
In three separate judgments pronounced in the last week of January, the Tribunal has directed assessing officers of the appellants to consider only profit on transfer of DEPB for the purpose of deduction under Sec. 80 HHC of the Income Tax Act and not the entire receipt against transfer of such DEPB.
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Opting our of sec 44AD
- INTEREST APPLICABLE ON ITC REVERSAL PORTION
- Regarding appeal to GSTAT
- Transporter Declaration form
- Copyright software
- LC charges in relation to Asset purchased should be Capitalised ?
- SALE OF MOTOR CAR BY REGISTERED INDIVIDUAL
- Regarding TDS Applicability For Director Remuneration
- Value of property in capital gain
- Multiple trade mark
- GST Treatment of Insurance Commission for Existing GST Holder
- Cash gift by grand mother to her grand daughter
- Tax amount diff in Gstr1 and 3B in tax compare reports
- Tds on GST in connection with sale to public company
- Restoration of certificate of practice
- Regarding change in correspondence address in SSP portal
- No Compliences after incorporation
- USEFUL LIFE OF USED/SECOND HAND COMMERCIAL VEHICLES
- Claiming TDS deducted by builder on Hardship compensation and Corpus
- Address Change to another state of a Registered Trust with 12AB approval
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
CAclubindia
